Share Name Share Symbol Market Type Share ISIN Share Description
Segro Plc LSE:SGRO London Ordinary Share GB00B5ZN1N88 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.90p +0.42% 457.40p 457.30p 457.40p 458.00p 452.60p 457.70p 1,404,951.00 16:07:15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 283.5 426.4 53.9 8.5 4,556.61

Segro Buys Remaining of Properties at Heathrow Airport; Raises Money

10/03/2017 7:47am

Dow Jones News


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By Olga Cotaga

 

LONDON--Segro PLC (SGRO.LN) said Friday it is buying the remaining 50% of the Airport Property Partnership joint venture from Aviva group entities for 365 million pounds ($439.8 million) in cash and assets.

The joint venture owns 21 direct property assets, valued at GBP1.1 billion. The majority of these properties are located at London's Heathrow airport.

The property investment and development company will pay for the acquisition GBP216 million in cash raised through a share rights issue and the rest it will cover in assets which it will sell to Aviva.

Via a rights issue of 166 million shares, priced at 345 pence each, Segro will raise GBP573 million, it said. The price is at a 30% discount to Thursday's closing price of 490.60 pence.

The company said that GBP165 million from the share issue it will invest in further development and GBP175 million it will invest in land.

 

-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

 

(END) Dow Jones Newswires

March 10, 2017 02:32 ET (07:32 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.

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